President Trump orders U.S. companies to look for alternative to China, Apple and chip stocks slide

Apple CEO Tim Cook laughs with U.S. President Donald Trump as the news media leave the room after the two men spoke while participating in an American Workforce Policy Advisory Board meeting in the White House State Dining Room in Washington, U.S., March 6, 2019. (photo: Reuters/Leah Millis)
Apple CEO Tim Cook laughs with U.S. President Donald Trump as the news media leave the room after the two men spoke while participating in an American Workforce Policy Advisory Board meeting in the White House State Dining Room in Washington, U.S., March 6, 2019. (photo: Reuters/Leah Millis)

Shares of Apple and semiconductor stocks slid on Friday after President Donald Trump said U.S. companies should “immediately start looking for an alternative” to their operations in China.

Annie Palmer for CNBC:

Shares of Apple ended the day down 4.6%, while the VanEck Vectors Semiconductor ETF declined 4.1%. Among the chip companies, Qualcomm slid 4.7%, Nvidia lost 5.2%, Advanced Micro Devices dropped 7.4%, Micron fell roughly 4% and Broadcom slid 5.3%.

The tech-heavy Nasdaq was off 2.6%, while the Dow Jones Industrial Average slid 2.3% and the S&P 500 fell 2.5%.

Trump’s comments on Friday mark the latest fallout in the trade war between the U.S. and China.

Trump’s tweet came after China on Friday pledged to levy tariffs on $75 billion more of U.S. goods, including autos.

MacDailyNews Note: Late last night, President Trump referenced the International Emergency Economic Powers Act (IEEPA) in a followup tweet:

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  1. At some point congress has to step in and stop this ignoramus before he destroys the planet. Marketwatch estimates he has cost the market over two trillion dollars that will never be recovered. This makes his complaint about how much China has “taken” from us in unfair trade a moot point. Trump has cost us much more and we are just starting to see the economic destruction that is to come.

  2. The Congress should be faulted for abrogating its constitutional responsibility. Presidents are constitutionally prohobited from issuing orders so Trump is behaving like an autocrat like the Turkish president; both ûsurpers.
    I am very close to advocating impeachment.

  3. Former Trump fans: we heard all your anti- [insert name of anyone who ever questioned Trump] rhetoric.

    Are you beginning to realize the direction Trump is taking the world economy? Instead of bringing along all alliances to bear to combat Chinese practices, he is willing to sink the global economy. President Harding the Second. Once again a democrat will have to clean up the crash, and she/he will be blamed every step of the way.

    The crash of 2020, if it happens as most economists now predict, is all on Trump.

    1. Indeed. As a conservative, i have discovered that my former party is calling anyone and everyone a RINO if they don’t do logical gymnastics to defend the president.

      After 3 years of idiocy, I am happy to now be an independent. I can’t support the disgusting behavior and mismanagement any more. The republicans left me, I didn’t leave them. There is no party in D.C. that represents science, fair trade, and fiscal control. #anyonebuttrump

  4. Some people said what this country needed was to put a successful businessman in the White House. Instead, less than half the voting public put someone in who is very good a loosing money (and very successful at being used as a money launderer)

    Tim Cook is just doing what he needs to do for his company.

    Now that the world is laughing at us, feels pity for us, or are just smirking as they watch what Trump is doing to our country, events are turning for the worse as the man in the White House is loosing his mind.

    The shocking thing is not that Trump is what he is, this world is full of crazy people, it is that there is a political party willing to sell out their party, and country, to back whatever Trump does and says.

    With each passing day, that gets harder.

  5. Trump’s week:

    offering to buy a sovereign nation of Greenland on a crappy social media site

    insults Prime Minister of Denmark

    silent on North Korea shooting missiles

    one week after attempting to salvage xmas with a short reprieve of tariffs on Americans, China calls his bluff, and each side ratchets up tariffs.

    economists are now calculating how many percent of GDP this will shave off the world economy.

    Trump administration officials are scrambling for some explanation, since the loose cannon shot off his tweets again without consulting them.

    Trump equates his choice of Fed chairman to an economic rival (to Trump, everyone is an “enemy “ now) even though Powell recently dropped rates in a time Trump claims the economy is strong. this is unprecedented that a “strong” expanding economy would need 2 forms of stimulus: a weak Fed rate and record deficit spending.

    instead of substitution of new European trade deals to offset the loss of business with China, Trump rolls into the G7 summit with his nose in the air, threatening tariffs on French wine, as if that would make the US somehow greater.

    Trump declares he “is in no rush” to forge a new trade agreement with China, it may not happen this year.

    agricultural, manufacturing, and retail associations are all declaring any further continuation of the Trump trade policy will have permanent negative impact on US businesses.

    Trump decides to keep refugee kids at the border indefinitely— on US taxpayer dime. No real immigration reform proposed.

    Trump continues to ignore his promises to tighten up gun availability to crazy people.

    Government spending continues to spiral out of control, worse than any prior administration with no hope of a balanced budget as promised.

    Iran, no longer required to honor US trade sanctions, is shipping oil to Russia’s mideast ally, Syria. Trump says nothing.

    The trade deficit climbed. Markets see-sawed downwards. manufacturing investment sharply down. Trump Apologists claimed the pain will somehow lead to gain, but they cannot explain how. Then they claim that Trump’s recession is definitely going to be better than Obama’s steady slow growth. Because Obama was apparently too nice to China. Never mind the lawsuits Obama won in the WTO.

    Dictator wannabe Trump thinks he can order US companies what to do, something that has a name. Starts with an S, doesn’t it? Well if one thinks it’s funny to refer to himself as the chosen one and to declare any US Jews who don’t support him to be traitors to Israel, then what can you say? Trump declares everyone to be a traitor if they don’t stroke the ego of the little dictator. Psychotic fool.

    Genius advisors Ivanka and Jerod are nowhere to be found and Congress has absolutely no work in progress either. In other words, no reforms in sight.

    To top it all off, the Twitter personality that Americans listen to the most told the nation that they picked the wrong candidate. Ms. Swift’s guidance was not addressed by twit-in-chief because he knows she is correct.

    All in all, this looks like a raving lunatic who didn’t want the job responsibilities and surely didn’t prepare himself for it. The world will pay the price for his economic isolationism and bizarre misanthropic behavior. Anybody But Trump 2020.

  6. For a President that has been strongly against government regulation, his order for US companies to move manufacturing out of China and back into the US is extremely contradictory.

    1. When the Trump website stops selling junk made in China, then the lying hypocrite tweetaholic might garner some respect from me. Until then, I have to watch my farming community brace itself for seriously bad times as Trump makes it up to drive the news cycle. He doesn’t have any clue the impact of his actions. It would appear MAGA hat wearing Goeb doesn’t either.

      Your hero is driving the world economic bus off a cliff. You may think it’s really cool that the US will end up on the top of the wreckage, but the sane people in the room would much rather the bus stayed on the road.

      Someone else mentioned how Harding, the last genius businessman president, signed the Smoots-Hawley tariffs into law, then assured everyone that the temporary pain would be worth it as the US unilaterally shut off trade. Care to tell us all what happened then Goeb? What makes this rerun different? Factories didn’t spring up in the US. It took decades to claw out of that recession. When jobs dry up, IAssure you that overpriced phones and Apple media subscriptions will be some of the first things wise Americans will axe from their budgets.

      Trump the self proclaimed deal maker should have had dozens of trade agreements approved by Congress before tangling with China. Instead he has soured relationships with every reliable trading partner the US had.

      Acting tough is not going to get anything good done. It will destroy the economy for years. If you want to stop Chinese IP theft, how about increasing trade with those who don’t steal?????

  7. You will need to let in a few million more mexicans to do the mind-numbing, crap job of putting iPhones together because no American will do it. Idiot Trump fails to see that it’s Apple who is winning over China, realizing way more profit from using the Chinese.

    The real emergency here is the destruction of the American system of checks and balances. The antiquated, non population representative, senate of Mitch McConnell has used gerrymandering and manipulation of the Supreme court, to solidify the control of the many over the few. The lunatic Trump is under Mitch McConnell’s thumb anyway. The decent into chaos is desired, to increase the states of emergency, to justify the assumption of even more “emergency” powers and the eventual replacement of the gateway of Trump with iron Mike.

    Checks and balances, my ass.

  8. I have to thank all you anti Trump turds. Americans are sick and tired of your liberal stupidity to the point that you have guaranteed a Trump win in 2020. LOLOLOL! Thanks!

    1. Even you deserve a better president, Dd.

      Candidate Trump or President Trump? 20 notable things about the Con Man in Chief
      1. Egomaniac claims to have unilateral powers over war, taxes, immigration, environmental law, etc – literally stated he thinks the Constitution grants him “the right to do whatever I want”. Jokes about doing several things that clearly violate the Constitution, from restricting First Amendment rights on those who don’t worship him, the Chosen One, to flaunting emoluments. Decides that children born to US troops serving overseas cannot be US citizens.
      2. Claims he will work across the aisle while daily mudslinging highly partisan opinions
      3. Criticizes prior presidents of using executive orders and golfing while doing them both more
      4. Promised superior healthcare and infrastructure investment bills, but did neither. Actually passed only 2 (count ’em, two) bills of any significance — one of them a disastrously timed corporate tax giveaway that has effectively blown up federal budget deficits for the foreseeable future.
      5. Claims he picks the best people but has had several advisors jailed for corruption and presides over the highest turnover rate of any recent administration. All former staffers have horror stories. Avoided prosecution only by staffers resisting his direct orders to impede DOJ investigations.
      6. Claims to be the world’s greatest dealmaker but hasn’t been able to seal any international agreement in trade or in peacemaking. NK now shooting off missiles weekly.
      7. Offers praise for no foreign leaders except strongman dictators
      8. Refuses to appoint permanent heads of executive departments because he cannot even get his own party in the senate to agree with his choices. Congress prefers to maintain some level of competency, but Trump’s only requirement is personal loyalty. Pushed through a rather poor SCJ nominee not because he was the best conservative or constitutional scholar, but because he was a highly political candidate who would win political points against the hapless democrats.
      9. Claims to love capitalism but provides taxpayer funded social welfare to farmers impacted by rash unilateralist trade policy. Thinks about his personal stress level more than the world economy: “So, I am doing this whether it’s good or bad for your — your statement about, ‘Oh, will we fall into a recession for two months?’ OK? The fact is, somebody had to take China on,” Trump continued. “My life would be a lot easier if I didn’t take China on.” Never mind that almost all business groups tell him he’s going about it all wrong.
      10. Claims his economy is stronger than his predecessor when most data clearly shows otherwise. Has done nothing to shore up emerging landmines like nonbank lending companies, cryptocurrency fraud, and other foreseeable economic disasters
      11. Blames his own financial advisor for economic softness only hours after bragging about the surging economy, claiming that interest rates are too high — then complains about trading foes attempting to manipulate the value of their currency.
      12. Retains press advisors and spokespersons who routinely dismiss objective facts in order to sell an easily proven false narrative. Shortly after the White House spokesperson exits the revolving door to land at Fox News, Trump reads a story that doesn’t flatter him and bemoans “Fox is not working for us anymore!”
      13. Holds populist rallies where a billionaire whoops up the chants while magically avoiding to tell the crowds that for decades, while working class wage increases barely kept up with cost of living, “coastal elites” like Trump have pocketed almost all financial gains. Then Trump & McConnell delivered a massive tax cut to those elites, tossing a pittance of a tax bone to wage earners.
      14. Claims there is a a trade imbalance and that is a problem — but makes it worse by choosing to incentivize only highly polluting automated industries versus emerging high-income industries. Resists science and technology at every turn.
      15. Claims he will balance the budget and pay down the debt — but is currently running larger budget deficit than any prior president ever, thanks to a weakening economy, substantially increased spending, and a cratering of tax revenue.
      16. Claims to hack away at bad inefficient regulation, while finding that industry groups are almost entirely against his proposals. No legitimate business wants their industry undermined by irresponsible dirty players.
      17. In the wake of grossly mismanaged emergency operations, claims he is “the best thing that’s ever happened to Puerto Rico”. Had to be reminded that Puerto Ricans are US citizens.
      18. Claimed that the stock market was a key indicator that Trump policies were superior to any prior administration. However, has consistently underperformed the S&P500 return of the prior administration that he routinely attacked: . Canadian economy, meanwhile, is outgrowing the Trump economy. Trump complains that US companies are “badly run and weak”.
      19. Claims to work hard but arrives in office late and spends more time on TV, twitter, and golf than any prior president. Has so much time on his hands that he can afford to waste time with online spats on anyone he dislikes, from Bezos to Covfefe to O’Donnell. #thinskin
      20. Finally, Teflon Don continually flaunts the Christian values that his core supporters “forgive him”. Not a single commandment has gone unbroken repeatedly. Such flagrant hypocrisy undermines the integrity of the US in all its dealings.
      BONUS: Has done literally nothing to enhance the US election system (or the supposedly left-leaning social media cabal) against foreign influence and hacking, despite claiming that it occurred during prior election cycles, including the race in which he prevailed.

      This is just a short list of the unpresidential material you routinely come here to lionize. Are you seriously claiming that America can’t find a better president????

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